A new “Little Red Book” for China’s blockchain community

Chairman Mao’s Little Red Book is a collection of quotations and aphorisms from the leader of China’s revolution. It was once mandatory for every person in China to carry a copy. It still sells today and not just in China.

Why mention the Little Red Book? Because the Chinese Communist Part (CCP) (aka the government) has just published “a primer on blockchain technology and its possible applications.

According to the CCP’s press release, the book provides a scientific description of key blockchain features, its origin, future application scenarios, as well as major challenges associated with the adoption of the new technology.

The CCP’s aim is to help government authorities understand distributed ledger technology and assist it in developing ways of using it on a national scale. Ye Zhenzhen, the editor of China’s largest daily newspaper said in an editorial on the new book that the most important aspect of blockchain technology is its operating system and alluded to its ‘Communist’ credentials saying: “Through the ingenious combination of technologies, the fair distribution of resources is completed.”

Ye also encouraged new platforms entering the space to “continue to look at blockchain technology with a development perspective,” in order to provide “sustainable and healthy development” of the blockchain industry and promote DLT “to benefit the people’s better life.”

It might not quite be a quote from Mao Zedong, but perhaps there is a quote from Mao that blockchain believers might remember when faced with those adversaries who dismiss the potential of blockchain and cryptocurrency: “All reactionaries are paper tigers. In appearance, the reactionaries are terrifying, but in reality they are not so powerful.”

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